Question

Janet lives in miami and has low to moderate income. she wants to buy a home in miami priced at $150,000 but doesn’t have enough savings to put up the 20% down payment on a conventional mortgage. since she isn’t part of a military family, which type of loan should janet consider obtaining for her mortgage?

Answer 1

Janet lives in Miami and has a low to moderate income. she wants to buy a home in Miami priced at $150,000 but doesn’t have enough savings to put up the 20% down payment on a conventional mortgage. since she isn’t part of a military family, which type of loan should Janet consider obtaining for her mortgage is an FHA loan.

What is a loan?

• A loan is the lending of money by one or more people, businesses, or other entities to other people, businesses, or other entities.
• The recipient, or borrower, incurs a debt and is often responsible for both the main amount borrowed as well as interest payments on the debt until it is repaid.
• The promissory note used to prove the obligation will typically include information like the principal amount borrowed, the interest rate the lender is charging, and the due date for repayment.

What is income?

• Income, which is typically stated in monetary terms, is the spending and saving opportunity acquired by an entity within a given duration.
• Conceptually, income is hard to define, and different fields may have distinct definitions.
• A person's income in an economic sense, for instance, can differ from their income in legal terms.
• Haig-Simons income, which defines income as Consumption + Change in Net Worth and is commonly applied in economics, is a very significant definition of income.

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